Decision Time

[Colliemom]

I gotta do some talking I guess you would call it, to get it out of my system and also gets some comments and opinions from you ladies.

I think that most of you know, from reading my posts on Campfire and Morning Coffee, that I am making a big change in my work location later this spring. For those who don't, I am going to be working at Burt Lake State Park near Indian River which is about 38 miles north of here and will not be returning to Otsego Lake State Park where I have been for the past 15 years.

As a result of that decision, which I am excited about, I am going to have to do something about some transportation with better gas mileage than this big engine truck I am currently driving. It LOVES gas. Before anybody starts to say, get an old beater vehcile, I can't afford to keep two vehicles and I am making loan payments on this truck as well. I've talked to about 3 dealers already about trading it in on something else and it's trade in value is pretty good.

Now I have my TT sitting here in the drive. I'm kind of a mind to sell it as I've had it now almost three years and it has served me well for the times I have been able to use it. With the driving back and forth every day, I am not going to have that much time to camp per say and with added gas expense of the drive, I won't have that much to shell out in camping fees, not to mention that i have a home that needs outside maintenance in summer along with personal stuff I need to do etc an additional 40 minutes of drive time each way to work. These are things you just have to deal with when you make these decisions. I have about 2 ways to go. I can sell the trailer, trade the truck on a better gas vehicle and let go of the RVing scene till I retire in a couple of years and then see what's out there. I can trade the truck for a smaller size engine that can pull the trailer and keep the TT around on the hopes that maybe I might use it although down the line I will probably sell this TT for a different one as they are making lighter ones with different floorplans all the time. I'm sure lots of you have played wheel and deal.

I did some figuring and with my current truck's mileage, it will cost me at least $1950=$2000 just to drive back and forth, not counting any other running around. With a truck and a 5.3 V8 it would be around $1650 and if I buy something with better mileage than the truck offers, it would be roughly $1300. A bit of a difference there. If I trade the truck, the dealer will pay off my loan and then I will refinance the remaining balance of another vehicle again.

Right now I am looking at a 2011 Chevy Silverado 5.3 V8 (new) which would require a trade, a payoff of loan and a refinancing that may set me back a year or so on the loan depending on the amount. A Chevy Traverse which would mean the same thing plus probably having to add to the original loan amount again and a 2011 Ford Escape with 23,847 or another one with 21,506 miles on them. They at the sale price being offered right now, might set me up so that I actually just about wipe out the difference as far as the long is concerned depending. The Silverado would give me about 18-21 mpg., the Traverse 24, the Escape around 23. I like the look of that one Escape but they are kind of small. Does anybody out there have one?

I know what some of you may be thinking and I've had this mentined to me already, that it would be easier to just keep paying the loan rather than dish out some more money. But the loan is beiing paid through some investments I have and the gas out of my pocketbook. So my pocketbook is going to take a heck of a hit.

As much as I love to haul off with my TT, I'm finding that camping alone is sometimes very boring especailly when the parks aren't that busy and I'm also getting a bit tired of going to the same parks that are close to home cause of distance and time. I would much rather be out on the open road and traveling to see the sights. So...... Thanks for listening as I have nobody around here to bounce this off of and I know i can always count on my forum Sisters.

[Gentleladybear]

A couple of reactions. If you take what you will increase your loan and convert that to gas you could buy with that same money is it worth the trade? In other words whatever you owe now, to add 20,000 to it just would buy a lot of gas with that 20,000.

Also if you feel you aren't going camping for two years or so, then sell that TT now. It will dry rot a lot in 2 years going unused. The value will go to nothing. If you sell the TT you can also put that money towards gas.

That is my input, good luck to you on your decisions.

Nan

[Colliemom]

that's my thought about the TT too Nan. Dry rot and it's worth more now than it wlll be down the road. I can bank that money toward a new one later or even maybe a small MH. As to taking the added money to put in gas rather than add to a loan, I've considred that, but that money is also coming from the fund that pays for my everyday house bills like taxes, utilities etc. and I don't want to take it down any farther. Easier to leave the loan amount paying by the month and gas from my checks. Selling the TT wouod also save on insurance, emergency road service, Good Sam memberships (although I would probably keep that) and the other stuff I have to pay to have the trailer.

[Gentleladybear]

I think you are on the right road. Decisions are difficult at best, but you know in your heart what you are doing is best for you.

Nan

[Birdie]

Sue, if I remember correctly, you need a vehicle that is 4x4. That usually also hits the gas negatively, I think. But to get around in the winter, you need that. I'd go pick up a Consumer's Report at a local book store and research the used cars and new cars (car = vehicle) and see what they have to say about being reliable, etc. Then make a spreadsheet of the pros and cons. Then just do it.

Good luck in your research and decision making.

[Bethers]

Since what you're really looking for is something to get around with good mileage - how about a used car in addition to what you have - that gets really good gas mileage. Then you'd still have your truck and 4 wheel for when needed in the winter, and a little car for running around in. And some of the little cars have good back seat areas that the dogs will even fit in. And you might not pay more than you would to trade in the truck and get upside down on the loan.

[Redetotry]

Sue I think you need to do more research on having the dealer pay off your loan and finance a new one . Dealers make big bucks on deals like this. Sell your truck outright pay off your loan or as much as you can if you owe more than you can sell it for, go to the credit union and get a low interest loan for your next vehicle and use that to pay the dealer cash for what you buy.
I would consider buying used as a new one drops so much the moment you drive off the lot and if you look around you can find a very good used one and since you might want to buy a small RV the next time you won't need a truck. This is part of an article on what you are thinking about doing and this is a link to the entire article. http://www.theautoconsultants.com/buyin ... uity-loan/

So here is what you need to remember:

A) When dealerships take over your remaining car payments or loan balance, they are creating a negative equity loan.

B) Negative equity loans create a cycle of debt where you are stuck with your loan, no matter what happens to your car.

C) You should not buy a new car if you owe more on your current vehicle than its market value.

D) If you are not finished with your lease, your only solution is to find someone to take over your payments. Do not have your dealership cover them because you will be paying them anyway.

If you require further information on this article or any other automotive topic, please do not hesitate to ask our auto experts!

Regards,

The Auto Consultants

[Irmi]

Sue, regardless of what a salesman tells you, you will never, ever, recoup the loss of having a dealership pay off your loan. Please re-read what everyone here has said and think about your options. I would either keep the truck you have, or like Beth said, get a used, economical car, but keep your truck. For the loss you'll get in trading in your truck, you'll save in the end on fuel savings by keeping it.

[dpf]

Sue: I have a '95 Tracer wagon with 163,000 that is my work car and it averages 30 mpg. I love that little bugger and prefer to drive it over anything else we own..if I put 5,000 miles a year on our "good" care it's an exception. Besides timing belts (which has to be replaced apx every 70,000) I have hardly had to put any money into it minus general maintenance. At this point in its life we only carry liability insurance on it which is very inexpensive....but we also insure 13 vehicles. Our mechanic has told me that if you keep up the general maintenance on a 4c that they will run forever. My goal is to get this one to 200,00! The front wheel drive serves me very well on icy snow packed roads. If the roads are extremely bad (early morning and the plows haven't been out) and I HAVE to get to work (depending on how busy we are at the shop and if the powers that be are going to let the inmates out to work) I will take one of our big boy toys. But personally I feel that if I need a 4X4 to get to work or anywhere that isn't an emergency for that matter, I should probably keep my hinder planted at home! I know you say that you can't afford to maintain two vehicles, but I would seriously look into a good 4C at a reasonable price...who care what it looks like...save the truck for when you really need it. If you think you can get a good price for the camper and you really want to sell then I would start advertising now. Early spring is when you're going to be able to get the best price in your area. If you wait until fall then many people drop the price because they don't want to winterize or pay for another year of storage. That's why we've always bought a different rig in the late summer or fall.

[bluepinecones]

No helpful input to offer, just wanted to wish you the best in making your decision.

[BarbaraRose]

I am thinking that you could sell the TT and the truck. Buy a economical car (Subaru has 4 WD and gets good gas mileage) and then in a couple years, you could buy an RV and use the car as a toad.

I have a '99 Ford Escort wagon (same thing as the Tracer) that takes me everywhere. Even in MN it went thru snow like nothing! I still get around 30 mpg with it too and it has almost 150,000 miles on it.

Just another option to think about...

[snowball]

Sue looks like you got lots of good advice think it's time to do the pro and con list then do
what your heart tells you to!!!
best of luck with that decision
sheila

[Colliemom]

Thanks for the info ladies. At the moment, the truck is worth more than the outstanding balance on my loan, which upon trade in will pay off the loan and I will have money left over. I will not take loans through car dealers and auto companies. My loan is through my local credit union which gives me a lower interest payment than anybody else and due to the fact that I am a credit union member, some auto companies give a discount to credit union members toward a another vehicle.

When I got this truck I financed it through the dealer who used a local bank and end result was a high payment and interest rate. I also wanted to make a down payment on the truck and they convinced me to leave it in the bank. Right, like it was getting big interest. Well, I promptly trotted over to my credit union, told them what my loan payments were, told them what I had for down payment on loan, they issued me a check in no time flat and I went to the other bank with two checks in hand (my payment from the credit union and the down payment check) and closed out the loan. They weren't happy but tough. Figured there went all that nice loan and interest. The the credit union set me up with payments half the amount I got through the dealer and the interest rate is almost non existant. I've talked with them about refinancing and in this case I would be starting from zero, cause the loan would be paid off with part of the trade in. Depending on how much I need to borrow again, the interest rate might be lower and the payments might be a bit lower too. The reason I couldn't pay the dealer off in the first place was cause this truck was ordered and not on the lot, so we didn't know what the final price was going to be. So I couldn't make arrangements ahead of time.

When I got this truck, gas was cheaper than it is now ($3.59 here at the moment) and slowly rising again. I know darn well that if anyplace is going to hit $4 by Memorial Day, it will be here as we arent tha't far off from it already. These dealers up here will raise prices as soon as a peak tourist season or event is about to happen. Believe me, it's a sore point with a lot of people up here. No cometition here as two oil companies own most of the stations in town and the little guy has to go along. Down the road from me about 8 miles it can be as much as 15-20 cents cheaper sometimes. Go figure. Another county. I hear it from campers at the park too about how much Gaylord is for gas as compared to other places.

Was thinking last night that I had better not get something too small as the one stretch of highway is a nice crossing point for those BIG elk that live around there . They are always going across the expressway to graze on the grass of the golf course on the other side of the road. Been a lot of accidents there but I think most of them are in wee hours of morning or at night. I haven't heard of any of late though, so maybe they aren't around the area anymore. And then there are the deer and... All kinds of fun. Actually I think the idiot drivers are more a problem.

Actually that darn Ford Escape is bugging me..........

[BirdbyBird]

I don't have any thought to add to your decision process.....I gather that you will do what you want/need to do in the end..... If Rv'ing isn't your thing right now, it isn't your thing. At least you know that now and you don't have to wonder, "what if?" In two years you can recheck what may still be possible...

It also makes great sense to put all your "decision" musing thoughts in their own thread. Now it will be easier to track progress, suggestions, encouragement and outcomes and you won't have to repeat yourself across threads from morning coffee to campfires.... You can just add the news because the history will already be here!

Good Luck, with what ever you research and decide.

[dayspring39]

The only thing I can offer is support in your decisions...
Kathleen